Struggling with frugality, debt, parenting, and weight

Detailed Financial Picture – September 2014

As of September 8, 2014, we are $436,450.69 in debt (that includes the mortgage). Without the mortgage, we’re at $23,500 in debt from our auto loan and line of credit. We currently have $944,029.8 in assets (including our house). Our retirement accounts are at $403,223.11. Our Net Worth is $507,579.11 (includes house and mortgage), down from $619,406.42 last month (18.05% decrease).

I’ve adjusted our home value to be our sales price minus the estimated selling costs (about $48k), and adjusted our vehicle values as well. The selling costs are where we’re taking the big hit. I also pulled money out of our line of credit to put the 8k escrow down on the new house, thereby increasing our indebtedness. I’m expecting to pay that off when closing on our house happens. We’re expected to get about 85k out of our house, and we’re only expecting to put down 75-80k on the new place in February/March. In addition to being able to save an additional $2,000/mth by not paying a mortgage, we’ll be able to cover down payment plus closing costs plus paying off the 8k line of credit. One thing I have to keep track of is all the expenses we’re expecting *after* we close on the new place. We’ll have to pay “out of pocket” (ie. not in the mortgage) for any networking we’re doing – est $2,000, a fridge – est $1700, and washer and dryer – est $1500, and any window coverings (and the whole moving thing). I need to at least pay for some sheers there to keep privacy in the upstairs bedrooms. So, basically, I’m hoarding money until we get through closing on the new place and moved in, then I’ll see what we have left and pay off anything I reasonably can.

I’m really looking forward to things settling down and starting a new routine and new budget – even if it is the “temporary” routine of living at my mom’s without a mortgage. If my guesstimates are close, we’ll have the line of credit paid off by the end of the year, and just the car payment left for a while. Then once we start with a new mortgage, we’ll be able to save quite a bit – and we’re hoping to pay off the loan in about 10 years – if not sooner (we’re still taking a 30yr fixed loan).

The markets were OK to us, we’re about flat this month, with just our contributions. Next month will hopefully see an increase as my first 403(b) contribution will show up.

We won’t have a mortgage or ‘typical’ utility bills, but we will be paying ~$700/mth for storage, and I offered to give my mom money for some of her utilities while we’re living there. She hasn’t taken me up on that yet.